EXHIBIT 99.1
Domino’s Pizza Master Issuer LLC
Domino’s SPV Canadian Holding Company Inc.
Domino’s Pizza Distribution LLC
Domino’s IP Holder LLC
Quarterly Noteholders’ Statement
Quarterly Collection Period Starting: Quarterly Collection Period Ending:
| March 28, 2016 June 19, 2016
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Debt Service Coverage Ratios and Senior ABS Leverage | ||||||||||||||||||||||
Senior ABS Leverage | Quarterly DSCR | |||||||||||||||||||||
Current Period | 5.04 x | 3.39 x | ||||||||||||||||||||
One Period Prior | 5.16 x | 3.51 x | ||||||||||||||||||||
Two Periods Prior | 5.28 x | 3.08 x | ||||||||||||||||||||
Three Periods Prior | 5.53 x | 3.90 x | ||||||||||||||||||||
System Performance | ||||||||||||||||||||||
Domestic | ||||||||||||||||||||||
Franchise | Company-Owned | Total Domestic | ||||||||||||||||||||
Open Stores at end of prior Quarterly Collection Period | 4,831 | 385 | 5,216 | |||||||||||||||||||
Store Openings during Quarterly Collection Period | 36 | — | 36 | |||||||||||||||||||
Store Transfers during Quarterly Collection Period | (1 | ) | 1 | — | ||||||||||||||||||
Permanent Store Closures during Quarterly Collection Period | (7 | ) | — | (7 | ) | |||||||||||||||||
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Net Change in Open Stores during Quarterly Collection Period | 28 | 1 | 29 | |||||||||||||||||||
Open Stores at end of Quarterly Collection Period | 4,859 | 386 | 5,245 | |||||||||||||||||||
International | ||||||||||||||||||||||
Franchise | Company-Owned | Total International | ||||||||||||||||||||
Open Stores at end of prior Quarterly Collection Period | 7,476 | — | 7,476 | |||||||||||||||||||
Store Openings during Quarterly Collection Period | 228 | — | 228 | |||||||||||||||||||
Permanent Store Closures during Quarterly Collection Period | (13 | ) | — | (13 | ) | |||||||||||||||||
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Net Change in Open Stores during Quarterly Collection Period | 215 | — | 215 | |||||||||||||||||||
Open Stores at end of Quarterly Collection Period | 7,691 | — | 7,691 | |||||||||||||||||||
Franchise | Company-Owned | International | ||||||||||||||||||||
Same-Store Sales Growth for Quarterly Collection Period | 9.8 | % | 9.1 | % | 7.1 | % | ||||||||||||||||
Potential Events | ||||||||||||||||||||||
Material Concern | ||||||||||||||||||||||
i. | Potential Rapid Amortization Event | No | ||||||||||||||||||||
ii. | Potential Manager Termination Event | No | ||||||||||||||||||||
Cash Trapping | ||||||||||||||||||||||
Commenced | Date of Commencement | |||||||||||||||||||||
i. | a. | Partial Cash Trapping Period | No | N/A | ||||||||||||||||||
b. | Full Cash Trapping Period | No | N/A | |||||||||||||||||||
ii. | Series 2012-1 Cash Trapping Percentage during Quarterly Collection Period | N/A | ||||||||||||||||||||
iii | Series 2012-1 Cash Trapping Percentage following current Quarterly Payment Date | N/A | ||||||||||||||||||||
iv. | Series 2012-1 Cash Trapping Percentage during prior Quarterly Collection Period | N/A | ||||||||||||||||||||
v. | Series 2012-1 Partial Cash Trapping Release Event | N/A | ||||||||||||||||||||
vi. | Series 2012-1 Full Cash Trapping Release Event | N/A | ||||||||||||||||||||
Occurrence Dates | ||||||||||||||||||||||
Commenced | Date of Commencement | |||||||||||||||||||||
i. | Rapid Amortization Event | No | N/A | |||||||||||||||||||
ii. | Default | No | N/A | |||||||||||||||||||
iii. | Event of Default | No | N/A | |||||||||||||||||||
iv. | Manager Termination Event | No | N/A | |||||||||||||||||||
Non-Amortization Test | ||||||||||||||||||||||
Commenced | Date of Commencement | |||||||||||||||||||||
i. | Non-Amortization Period | No | N/A | |||||||||||||||||||
Extension Periods | ||||||||||||||||||||||
Commenced | Date of Commencement | |||||||||||||||||||||
i. | Series 2015-1 Class A-1 first renewal period | No | N/A | |||||||||||||||||||
ii. | Series 2015-1 Class A-1 second renewal period | No | N/A |
Allocation of Funds |
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1. Outstanding Notes and Reserve Account Balances as of Prior Quarterly Payment Date: |
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i. | Outstanding Principal Balances | |||||||||
a. | Advances Under Series 2015-1 Class A-1 Notes | $ | — | |||||||
b. | Series 2012-1 Class A-2 Notes | $ | 929,446,875.00 | |||||||
b. | Series 2015-1 Class A-2-I Notes | $ | 497,500,000.00 | |||||||
b. | Series 2015-1 Class A-2-II Notes | $ | 796,000,000.00 | |||||||
c. | Senior Subordinated Notes | $ | — | |||||||
d. | Subordinated Notes | $ | — | |||||||
ii. | Reserve Account Balances | |||||||||
a. | Available Senior Notes Interest Reserve Account Amount(1) | $ | 26,384,586.58 | |||||||
b. | Available Senior Subordinated Notes Interest Reserve Account Amount | $ | — | |||||||
c. | Available Cash Trap Reserve Account Amount(1) | $ | — | |||||||
2. Retained Collections for Current Quarterly Payment Date: |
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i. | Franchisee Payments | |||||||||
a. | Domestic Continuing Franchise Fees | $ | 123,916,759.97 | |||||||
b. | International Continuing Franchise Fees | $ | 34,163,092.63 | |||||||
c. | Initial Franchise Fees | $ | — | |||||||
d. | Other Franchise Fees | $ | — | |||||||
e. | PULSE Maintenance Fees | $ | 4,399,887.69 | |||||||
f. | PULSE License Fees | $ | 856,985.00 | |||||||
g. | Technology Fees | 14,215,411.23 | ||||||||
h. | Franchisee Insurance Proceeds | $ | — | |||||||
i. | Other Franchisee Payments | $ | — | |||||||
ii. | Company-Owned Stores License Fees | $ | 5,128,469.64 | |||||||
iii. | Third-Party License Fees | $ | — | |||||||
iv. | Product Purchase Payments | $ | 379,320,152.15 | |||||||
v. | Co-Issuers Insurance Proceeds | $ | — | |||||||
vi. | Asset Disposition Proceeds | $ | — | |||||||
vii. | Excluded Amounts | $ | 422,352.93 | |||||||
viii. | Other Collections | $ | 134,712.00 | |||||||
ix. | Investment Income | $ | 66,710.79 | |||||||
x. | HoldCo L/C Agreement Fee Income | $ | 134,913.79 | |||||||
Less: | ||||||||||
xiii. | Excluded Amounts | $ | 66,226,405.65 | |||||||
a. | Advertising Fees | $ | 65,804,052.72 | |||||||
b. | Company-Owned Store Advertising Fees | $ | — | |||||||
c. | Third-Party Matching Expenses | $ | 422,352.93 | |||||||
xiv. | Product Purchase Payments | $ | 379,320,152.15 | |||||||
xiv. | Bank Account Expenses | $ | 33,052.49 | |||||||
Plus: | ||||||||||
xvi. | Aggregate Weekly Distributor Profit Amount | $ | 26,896,332.53 | |||||||
xvii. | Retained Collections Contributions | $ | — | |||||||
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xviii. | Total Retained Collections | $ | 144,076,170.06 | |||||||
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3. Adjusted Net Cash Flow for Current Quarterly Payment Date: |
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i. | Retained Collections for Quarterly Collection Period | $ | 144,076,170.06 | |||||||
Less: | ||||||||||
ii. | Servicing Fees, Liquidation Fees and Workout Fees | $ | 113,459.02 | |||||||
iii. | Securitization Entities Operating Expenses paid during Quarterly Collection Period | $ | 156,645.20 | |||||||
iv. | Weekly Manager Fee Amounts paid during Quarterly Collection Period | $ | 14,413,000.53 | |||||||
v. | Manager Advances Reimbursement Amounts | $ | — | |||||||
vi. | PULSE Maintenance Fees | $ | 4,399,887.69 | |||||||
vii. | Technology Fees | $ | 14,215,411.23 | |||||||
viii. | Administrative Expenses | $ | 12,500.00 | |||||||
vix. | Investment Income | $ | 66,710.79 | |||||||
vx. | Retained Collections Contributions, if applicable, received during Quarterly Collection Period | $ | — | |||||||
viii. | Net Cash Flow for Quarterly Collection Period | $ | 110,698,555.59 | |||||||
ix. | Net Cash Flow for Quarterly Collection Period / Number of Days in Quarterly Collection Period | $ | 1,317,839.95 | |||||||
x. | Multiplied by 91 if 52 week fiscal year or 92.75 if 53 week fiscal year | 91 | ||||||||
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xi. | Adjusted Net Cash Flow for Quarterly Collection Period | $ | 119,923,435.23 | |||||||
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1. | Amounts calculated as of the close of business on the last Business Day of the preceding Quarterly Collection Period. |
4. Debt Service / Payments to Noteholders for Current Quarterly Payment Date: | ||||||||
i. | Required Interest on Senior and Senior Subordinated Notes | |||||||
Series 2015-1 Class A-1 Quarterly Interest | $ | 239,610.59 | ||||||
Series 2012-1 Class A-2 Quarterly Interest | $ | 12,119,987.25 | ||||||
Series 2015-1 Class A-2-I Quarterly Interest | $ | 4,333,225.00 | ||||||
Series 2015-1 Class A-2-II Quarterly Interest | $ | 8,903,260.00 | ||||||
ii. | Required Principal on Senior and Senior Subordinated Notes | |||||||
Series 2012-1 Class A-2 Quarterly Scheduled Principal | $ | 6,398,437.50 | ||||||
Series 2015-1 Class A-2-I Quarterly Scheduled Principal | $ | 1,250,000.00 | ||||||
Series 2012-1 Class A-2-II Quarterly Scheduled Principal | $ | 2,000,000.00 | ||||||
iii. | Other | |||||||
Series 2012-1 Class A-1 Quarterly Commitment Fees | $ | 175,736.48 | ||||||
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iv. | Total Debt Service | $ | 35,420,256.82 | |||||
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v. | Other Payments to Noteholders Relating to Notes | |||||||
Series 2015-1 Class A-1 Quarterly Contingent Additional Interest | $ | — | ||||||
Series 2012-1 Class A-2 Quarterly Contingent Additional Interest | $ | — | ||||||
Series 2015-1 Class A-2-I Quarterly Contingent Additional Interest | $ | — | ||||||
Series 2015-1 Class A-2-II Quarterly Contingent Additional Interest | $ | — | ||||||
5. Aggregate Weekly Allocations to Distribution Accounts for Current Quarterly Payment Date: | ||||||||
i. | All available deposits in Series 2015-1 Class A-1 Distribution Account | $ | 415,347.07 | |||||
ii. | All available deposits in Series 2012-1 Class A-2 Distribution Account | $ | 18,518,424.75 | |||||
iii. | All available deposits in Series 2015-1 Class A-2-I Distribution Account | $ | 5,583,225.00 | |||||
iv. | All available deposits in Series 2015-1 Class A-2-II Distribution Account | $ | 10,903,260.00 | |||||
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v. | Total on Deposit in Distribution Accounts | $ | 35,420,256.82 | |||||
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6. Distributions for Current Quarterly Payment Date: |
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Series 2015-1 Class A-1 Distribution Account | ||||||||
i. | Payment of interest and fees related to Series 2015-1 Class A-1 Notes | $ | 415,347.07 | |||||
ii. | Indemnification & Real Estate Disposition Proceeds Payments to reduce commitments under Series 2015-1 Class A-1 Notes | $ | — | |||||
iii. | Principal payments to Series 2015-1 Class A-1 Notes | $ | — | |||||
iv. | Payment of Series 2015-1 Class A-1 Notes Breakage Amounts | $ | — | |||||
Series 2012-1 Class A-2 Distribution Account | ||||||||
i. | Payment of interest related to Series 2012-1 Class A-2 Notes | $ | 12,119,987.25 | |||||
ii. | Indemnification & Real Estate Disposition Proceeds payments to Series 2012-1 Class A-2 Notes | $ | — | |||||
iii. | Principal payment to Series 2012-1 Class A-2 Notes | $ | 6,398,437.50 | |||||
iv. | Make-Whole Premium related to Series 2012-1 Class A-2 Notes | $ | — | |||||
Series 2015-1 Class A-2-I Distribution Account | ||||||||
i. | Payment of interest related to Series 2015-1 Class A-2-I Notes | $ | 4,333,225.00 | |||||
ii. | Indemnification & Real Estate Disposition Proceeds payments to Series 2015-1 Class A-2-I Notes | $ | — | |||||
iii. | Principal payment to Series 2015-1 Class A-2-I Notes | $ | 1,250,000.00 | |||||
iv. | Make-Whole Premium related to Series 2015-1 Class A-2-I Notes | $ | — | |||||
Series 2015-1 Class A-2-II Distribution Account | ||||||||
i. | Payment of interest related to Series 2015-1 Class A-2-II Notes | $ | 8,903,260.00 | |||||
ii. | Indemnification & Real Estate Disposition Proceeds payments to Series 2015-1 Class A-2-II Notes | $ | — | |||||
iii. | Principal payment to Series 2015-1 Class A-2-II Notes | $ | 2,000,000.00 | |||||
iv. | Make-Whole Premium related to Series 2015-1 Class A-2-II Notes | $ | — | |||||
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Total Allocations from Distribution Accounts | $ | 35,420,256.82 | ||||||
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7. Senior Notes Interest Reserve Account Deposits, Draws and Releases as of Current Quarterly Payment Date: | ||||||||
i. | Deposits into Senior Notes Interest Reserve Account during Quarterly Collection Period | $ | — | |||||
ii. | Less draws on / releases from Available Senior Notes Interest Reserve Account Amount | $ | 147,301.83 | |||||
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iii. | Total Increase (Reduction) of Available Senior Notes Interest Reserve Account Amount | $ | (147,301.83 | ) | ||||
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8. Senior Subordinated Notes Interest Reserve Account Deposits, Draws and Releases as of Current Quarterly Payment Date: | ||||||||
i. | Deposits into Senior Subordinated Notes Interest Reserve Account during Quarterly Collection Period | $ | — | |||||
ii. | Less draws on Available Senior Subordinated Notes Interest Reserve Account Amount | $ | — | |||||
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iii. | Total Increase (Reduction) of Available Senior Subordinated Notes Interest Reserve Account Amount | $ | — | |||||
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9. Cash Trap Reserve Account Deposits, Draws and Releases as of Current Quarterly Payment Date: | ||||||||
i. | Deposits into Cash Trap Reserve Account during Quarterly Collection Period | $ | — | |||||
ii. | Less draws on Available Cash Trap Reserve Account Amount | $ | — | |||||
iii. | Less Cash Trapping Release Amount | $ | — | |||||
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iv. | Total Increase (Reduction) of Available Cash Trap Reserve Account Amount | $ | — | |||||
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10. Real Estate Disposition Proceeds |
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i. | Aggregate Real Estate Disposition Proceeds as of Prior Quarterly Payment Date | $ | — | |||||
ii. | Aggregate Real Estate Disposition Proceeds as of Current Quarterly Payment Date | $ | — | |||||
11. Scheduled Principal Catch-Up Amounts | ||||||||
i. | Series 2012-1 Class A-2 aggregate Scheduled Principal Catch-Up Amounts as of Prior Quarterly Payment Date | $ | — | |||||
ii. | Series 2012-1 Class A-2 aggregate Scheduled Principal Catch-Up Amounts as of Current Quarterly Payment Date | $ | — | |||||
12. Outstanding Balances as of Current Quarterly Payment Date (after giving effect to payments to be made on such date): | ||||||||
i. | Series 2015-1 Class A-1 Notes | $ | 46,293,622.00 | |||||
ii. | Series 2012-1 Class A-2 Notes | $ | 923,048,437.50 | |||||
ii. | Series 2015-1 Class A-2-I Notes | $ | 496,250,000.00 | |||||
ii. | Series 2012-1 Class A-2-II Notes | $ | 794,000,000.00 | |||||
iii. | Senior Subordinated Notes | $ | — | |||||
iv. | Subordinated Notes | $ | — | |||||
v. | Reserve account balances: | |||||||
a. | Available Senior Notes Interest Reserve Account Amount | $ | 26,237,284.75 | |||||
b. | Available Senior Subordinate Notes Interest Reserve Account Amount | $ | — | |||||
c. | Available Cash Trap Reserve Account Amount | $ | — |
IN WITNESS HEREOF, the undersigned has duly executed and delivered this Quarterly Noteholders’ Statement |
this | July 20, 2016 |
Domino’s Pizza LLC as Manager on behalf of the Master Issuer and certain subsidiaries thereto, |
by: | /s/ Michelle Hook | |
Michelle Hook—Treasurer |